Energy & Power Segment to Dominate Asia Pacfic Mineral Insulated Heating Cable Market during 2019–2027

According to a new market research study on “Asia Pacific Mineral Insulated Heating Cable Market to 2027 – Regional Analysis and Forecast by Cable Type, Sheath Type, Temperature Range, and End User,” is expected to reach US$ 140.39 Mn by 2027 from US$ 114.87 Mn in 2019. The market is estimated to grow at a CAGR of 2.8% from 2020 to 2027. The report provides trends prevailing in the APAC mineral insulated heating cable market along with the drivers and restraints pertaining to the market growth. Growing demand for energy & power projects and construction projects a are the major factor driving the growth of the mineral insulated heating cable market. However, issues associated with the moisture damage hinder the growth of APAC mineral insulated heating cable market. Moreover, Asia Pacific region is characterized by the presence of a large number of developing countries, positive economic outlook, high industrial presence, huge population, and rising disposable income. All these factors make APAC a major growth driving region for various markets including mineral insulated heating cable. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting manufacturing, delivery schedules, and sales of various products and services. However, China has emerged from a containment phase and moved into the mitigation stage; its experience is helping countries currently at the start of the COVID-19 cycle to plan their responses better.

The market for mineral insulated heating cable market is segmented into cable type, sheath type, temperature range, end user, and country. Based on cable type, the market is segmented into single core and twin core. In 2019, the single core segment held the largest share APAC mineral insulated heating cable market. Based on sheath type the mineral insulated heating cable market is divided into copper, stainless steel, cupronickel, and others. Copper cable is expected to the fastest growing segment over the forecast period. On the basis of temperature range the market is segmented into Less than 200°C, 201-500°C, 501 to 700°C, and Above 700°C. The temperature range between 201-500°C segment accounts for largest market share in the 2019. Similarly, based on end user, the market is bifurcated into energy & power, oil & gas, construction, pharmaceutical, and others. The energy & power segment contributed a substantial share in 2019.

Bartec, BriskHeat, Chromalox, Eltherm GmbH, Emerson Electric Co., Mineral Insulated Cable Company (MICC) Ltd., 2.            Raychem RPG Private Limited, Thermocoax Group, and Thermon are among the leading companies in the APAC mineral insulated heating cable market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, BriskHeat announced a launch of mineral insulated heating cable, which can reach high temperatures where traditional heat trace cable might fall short..

APAC Mineral Insulated Heating Cable Market, By Country, 2019 and 2027 (%)

The report segments the APAC Mineral Insulated Heating Cable market as follows:

Mineral Insulated Heating Cable Market – By Cable Type

• Single Core
• Twin Core

 Mineral Insulated Heating Cable Market – By Sheath Type

• Copper
• Stainless Steel
• Cupronickel
• Others

Mineral Insulated Heating Cable Market – By Temperature Range

• Less than 200°C
• 201-500°C
• 501 to 700°C
• Above 700°C

Mineral Insulated Heating Cable Market – By End User

• Energy & Power
• Oil & Gas
• Construction
• Pharmaceutical
• Others

 Mineral Insulated Heating Cable Market – By Country

• China
• India
• South Korea
• Japan
• Australia
• Rest of APAC